Homeowners with GMAC Mortgage may have noticed that recent Treasury Department reports which were released in the early part of June and tracked data for the month of April indicated that there was an increase in the number of permanent home loan modifications that had been made by this particular servicer, but there were also reports on the performance of all major financial institutions working within HAMP and there have been calls as a result to make some major changes so that homeowners can find more affordability and help from the federal modification initiative.
Yet, in terms of the number of permanent home loan modifications GMAC Mortgage has seen during the earlier part of this year, from the month of March to April they increased the number of active permanent home loan modifications from 36,650 to 37,580. The question homeowners still have is are servicers helping all homeowners who potentially could qualify for these programs or are they falling short in some areas.
It’s questions like these that have led to many homeowners either complaining or citing problems that they had during the modification process which may be one of the reasons behind the rating system that was recently implemented and have shown that there are some banks who are not performing up to their potential. Yet, for GMAC Mortgage, the rating they received was among the servicers who needed a moderate amount of improvement in their modification efforts, but these banks will not have their incentives withheld.
Understandably, some homeowners disagree with these ratings as they feel certain servicers who are reportedly only in need of moderate improvement could stand to do a great deal more, and there have been no financial institution to have escaped complaints and criticism from their homeowners due to the fact that some men and women have had a much more trying and difficult road when pursuing foreclosure prevention through this route. Yet, for homeowners who are having problems with their servicer, even those who may be in this category where only a moderate amount of improvement may be required, there are opportunities for assistance that go beyond simply working directly with one’s mortgage servicer when it comes to finding foreclosure prevention assistance.
Homeowners must understand that, even though the modification program is not perfect and no servicer has implemented these plans perfectly either, there are ways which homeowners can find a less stressful transition through the modification program by consulting resources like the HOPE Hotline which can offer free housing counseling assistance to certain homeowners who are having trouble. It needs to be known though, some homeowners may simply not qualify for home loan assistance, and as a result, may want to look at state housing agencies for aid or proprietary modifications directly from their bank if a federal solution to their problem is unavailable. While talking directly with a servicer is usually the first step, homeowners are still being prompted to not ignore these assistance opportunities that may also help them better understand and move through the foreclosure prevention process in the coming weeks and months.